On November 1, 2005, the United States Environmental Protection Agency (U.S.EPA) issued the final rule defining the standard for conducting "All Appropriate Inquiry" (AAI) for Phase I Environmental Site Assessments (Phase I ESAs). Phase I ESAs are the most common means by which parties to a property or business transaction conduct "environmental due diligence" to understand the potential for environmental liabilities and costs associated with a property – Phase I ESAs are also typically a minimum requirement for lenders to provide real estate backed financing.

When the AAI rule takes effect in one year, on November 1, 2006, a Phase I ESA will need to satisfy the AAI standards in order to qualify the user of the Phase I ESA for certain defenses and protections available under the federal Superfund law....

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